Brocade Communications Systems Inc., a data networking technologies company, said Wednesday its fiscal second-quarter profit rose sharply mainly due to a large tax benefit, and adjusted results beat analyst expectations.
Profit for the quarter ended April 26 rose to $184.8 million, or 47 cents per share, from $843,000, or less than a penny per share last year. Excluding one time items, net income was 15 cents per share, compared with 11 cents per share in the same period a year before.
Analysts polled by Thomson Financial predicted net income of 14 cents per share.
Revenue rose 3 percent to $354.9 million from $345.3 million, while analysts predicted revenue of $346.5 million.
One-time items in the latest quarter include stock-option expenses, the amortization of intangible assets, legal fees and facility lease losses. The company also recorded an income tax benefit of $135.2 million.
Shares rose 33 cents, or 4.1 percent, to $8.35 during aftermarket electronic trading, after closing up 35 cents at $8.02.
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